Alif Group has successfully secured $3 million in funding from the International Islamic Trade Finance Corporation (ITFC), a subsidiary of the Islamic Development Bank Group, to boost its fintech installment service, Nasiya, in Uzbekistan.
The agreement, facilitated through ITFC’s collaboration with Ipak Yuli Bank, is aimed at supporting Uzbekistan’s private sector. The funds will be directed toward enhancing Nasiya, a popular installment-based payment service.
Alif was advised by investment firms Ansher Capital and TMT Global Advisors during the transaction. Nuriddin Lafizov, CEO of Alif Uzbekistan, emphasized the significance of this partnership, noting that it will pave the way for broader access to fintech services and strengthen Alif’s market position.
“This collaboration aligns with our long-term strategy to attract foreign investments and develop innovative financial products. We are also preparing to issue Islamic sukuk bonds internationally, with the funds allocated for consumer financing in Uzbekistan,” said Lafizov. The bonds will be registered with Euroclear, a leading global securities depository.
This funding follows a significant $20 million investment secured by Alif Uzbekistan in December 2024 from U.S.-based Accial Capital to support Nasiya’s expansion. TMT Global Advisors also provided advisory services for that deal.
In 2024, Alif Uzbekistan attracted a total of $50 million in foreign investments, bringing the cumulative funding for its local division to over $150 million, highlighting the company’s rapid growth and appeal to global investors.
